Summary: Sacramento Municipal Utility District, California; Retail Electric Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to Sacramento Municipal Utility District (SMUD), Calif.'s series 2010W electric revenue bonds (Build America Bonds or BABs). In addition, Standard & Poor's affirmed its 'A+' rating and underlying rating (SPUR) on the district's outstanding senior-lien revenue bonds and its 'A' SPUR on the district's outstanding subordinate-lien revenue bonds. The ratings reflect our opinion of the district's: Demonstrated willingness and ability to adjust rates to recover costs and maintain strong margins, as well as its intention to improve fixed-charge coverage to 1.5x by 2012-2014 given planned rate increases; Favorable resource portfolio; Sound business strategy, which focuses on resource adequacy, energy efficiency and conservation, renewable-energy targets that meet or exceed proposed state guidelines,...

Companies mentioned in this report are:
- Sacramento Mun Util Dist

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Sacramento Mun Util Dist

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